What financial personality type are you?

When identifying your emotional responses to money, it can be helpful to look at patterns of behaviour that give you clues. Here are some common character traits and money habits to take up that could help you reframe these. You may find you identify with more than one…

THE SPENDY WENDY

Motto: When the going gets tough, the tough go shopping. This could be you if: You know the three security digits on the back of your bank card off by heart as you do so much online shopping. Personality traits: Often, spending money is all about boosting self-confidence for Spendy Wendys. They’re convinced that buying that dress, those shoes or that new gadget will bring them happiness, but the buzz doesn’t last for long. This could be connected to ‘status anxiety’ or low self-esteem, but whatever is driving their compulsion to spend and build up debt risks blowing their future happiness.

A new habit to consider: A spending plan! A less off-putting word than a budget, it will at least help you set limits. Fixing tangible savings goals could also help you learn to delay gratification. I always leave items in my online shopping basket overnight – by the time morning comes, the urge to splurge has often gone.

THE OSTRICH

Motto: I bury my head in the sand.

This could be you if: You say a silent prayer every time you tap your card to pay. Personality traits: Emotional triggers for Ostrich-type behaviour could stem from a bad experience in a school maths lesson, feeling unable to focus on money due to other problems in life or feeling too embarrassed to ask for help. Deep down, Ostriches know not staying on top of their finances has a cost, but their fear of getting to grips with it is greater than their fear of losing out. A new habit to consider: Taking things one step at a time. Pick one thing to tackle with a deadline and a reward for completing the task. This could be something as small as checking your bank balance every day, but it will give you the confidence to move on to the next step. If you’re still feeling scared, maybe there’s another Ostrich in your life who could be your buddy.

THE GOBLIN

Motto: Money – my precious!

This could be you if: You get more of a kick out of saving money than spending it. Personality traits: Goblins are essentially frugal hoarders. They like counting their gold and have a tendency to be money-obsessed. They strongly associate money with security – maybe there was not a lot of it around when they were growing up. They can struggle to take risks and may well have excessive amounts of cash in savings accounts that risk being gobbled up by inflation. A new habit to consider: Giving yourself permission to enjoy some of the money you’ve worked so hard to earn. You’ll find spending and investing easier if you do some cashflow planning first to show there’s definitely enough slack in your budget.

THE SPREADSHEET SLAVE

Motto: If you fail to plan, you plan to fail.

This could be you if: You have ever dreamed in Excel. Personality traits: Not scared of running the numbers, Spreadsheet Slaves see money as a tool – a habit we should all embrace. Careful planners, their budgeting is always bang-on, but in some cases, they could be overcompensating for a lack of control in other areas of their lives. Do you control your money – or does your money control you? A new habit to consider: Don’t forget to have some fun! Plans are there to be adapted, so sometimes it’s worth loosening those purse strings on the odd month for an experience you won’t regret. True wealth is about so much more than just money: we need to invest in our health, friendships and relationships, too, so make sure you’re budgeting for that.

THE JITTERBUG

Motto: Yes. I mean no. I mean yes! (Maybe.)

This could be you if: You have a constant state of underlying anxiety about money.

Personality traits: In times like these, everyone has the jitters about money – and having to survive on a low income is a fact of life rather than a personality trait. However, many Jitterbugs have a lack of confidence with money and struggle to make decisions. Often, their fear of making the wrong decision means they end up making no decision, which can cost them in the long term. A new habit to consider: Try to focus on what you can control, rather than what you cannot. Giving voice to your fears could really help, as could a session with a chartered financial planner (see the Personal Finance Society website for more details – average fees are around £150 per hour). Sure, it’s a big investment in your future, but the reassurance this provides could be well worth it.